Reuters has reported that one of the issues in the upcoming G7 Summit in Brussels will be the elimination of Section 232 Steel Tariffs, as indicated in language from a 7-page draft communique.
“…the draft said: “We commit to work towards lifting before 1 December 2021 all additional/punitive tariffs on both sides linked to our steel and aluminum dispute.”
In mid-May, the EU said “it would suspend for up to six months a threatened June 1 doubling of retaliatory tariffs on Harley-Davidson motorcycles, American whiskey and motorboats, and refrain from slapping tariffs on more U.S. products from lipstick to sports shoes.” This was in response to the agreement with the US to launch formal talks on addressing excess global capacity, largely centered in China. “Bernd Lange, head of the trade committee of the European Parliament, said the United States needed to come to a EU-US summit with a “tangible” commitment to reciprocate the EU gesture. Otherwise, tariff hikes would be justified.”
Lobbying efforts continue from the US Steel Industry, seeking to keep the tariffs in place. A broad Coalition of Manufacturing Trade Associations is urging the Administration to end the tariffs, in light of current steel shortages and a possible Infrastructure Bill which would require increased domestic steel production.